Acquisitions Give Rush Double Digit Growth
February 23, 2000
Peterbilt mega-dealer Rush Enterprises posted 1999 revenues of $808.4 million, up 31.9% from 1998, and net income of $16.2 million, up 50% from 1998.
Its fourth quarter revenues were $226.3 million, up 35.3% from fourth quarter 1998. Net income was $4.8 million, up 23.7%.
Much of that growth is attributed to the purchase of eight truck dealerships in the fourth quarter. The company says it's now the largest Peterbilt dealer in North America with operations in Texas, California, Oklahoma, Louisiana, Colorado, Arizion and New Mexico.
In the fourth quarter 1998 Rush delivered 1,483 new trucks and 504 used trucks, up from 1,200 new trucks and 470 used trucks in fourth quarter 1998. Parts, service and body shop sales were $34.2 million, up 32.8% from fourth quarter 1998.
Chairman and CEO W. Marvin Rush says they expect to outperform their competitors in 2000 but the industry slowdown in heavy truck demand will impact their business.